Important Risk Disclosure for PAIF

ABF Pan Asia Bond Index Fund ("PAIF") is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iBoxx ABF Pan-Asia Index ("Index"), before fees and expenses, and its return may deviate from that of the Index.

Investment involves risks, including risks of exposure to bonds in both developed and emerging Asia markets. Investors may lose part or all of their investments.

PAIF is not "actively managed" and will not try to "beat" the market it tracks.

The Executives' Meeting of East Asia and Pacific Central Banks group (the "EMEAP") member central banks and monetary authorities are like any other investors in PAIF and each of them may dispose of their respective interest in the Units they hold. There are no guarantees that the EMEAP member central banks and monetary authorities will continue to be investors in PAIF.

The trading price of PAIF may differ from the underlying net asset value per share.

PAIF may not be suitable for all investors. Investors should not invest based on this marketing material only. Investors should read the PAIF's prospectus, including the risk factors, take into consideration of the product features, their own investment objectives, risk tolerance level etc and seek independent financial and professional advices as appropriate prior to making any investment.

All the information contained in this website is from SSGA and as of date indicated unless otherwise noted.

This website is issued by State Street Global Advisors Singapore Limited ("SSGA" or the "Manager", Company Reg. N0: 200002719D, regulated by the Monetary Authority of Singapore) and has not been reviewed by the Securities and Futures Commission of Hong Kong (the "SFC"). It may not be reproduced, distributed or transmitted to any person without express prior permission. This website and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted.

Nothing contained here constitutes investment advice or should be relied on as such. The value of PAIF and the income from it, if any, may fall or rise. Past performance of PAIF is not indicative of future performance. The prospectus for PAIF is available and may be obtained from the Manager and downloaded from PAIF's website: www.abf-paif.com*. The semi-annual distributions are dependent on PAIF's performance and are not guaranteed. Listing of PAIF on the SEHK does not guarantee a liquid market for the units and the Fund may be delisted from the SEHK. PAIF may use or invest in financial derivatives.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Diversification does not ensure a profit or guarantee against loss.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only, please see the prospectus for more details.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Frequent trading of ETF's could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

The Markit iBoxx ABF Pan-Asia Index referenced herein is the property of Markit Indices Limited and is used under license. The PAIF is not sponsored, endorsed, or promoted by Markit Indices Limited or any of its members.